Sagespring Wealth Partners LLC Has $4.95 Million Stock Position in Chevron Corporation $CVX

Key Points

• Sagespring Wealth Partners LLC has reduced its holdings in Chevron Corporation by 10.9%, now owning 34,592 shares valued at approximately $4.95 million.
• Institutional investors collectively own 72.42% of Chevron's stock, with Kingstone Capital Partners making a significant increase of 652,139.5% during the second quarter.
• Chevron reported earnings of $1.77 per share, exceeding estimates, but experienced a 12.4% decline in revenue year-over-year.

Sagespring Wealth Partners LLC reduced its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 10.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,592 shares of the oil and gas company's stock after selling 4,239 shares during the quarter. Sagespring Wealth Partners LLC's holdings in Chevron were worth $4,953,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Kingstone Capital Partners Texas LLC lifted its holdings in Chevron by 652,139.5% during the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 83,714,936 shares of the oil and gas company's stock worth $13,214,757,000 after buying an additional 83,702,101 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Chevron by 4.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 33,430,030 shares of the oil and gas company's stock valued at $5,592,263,000 after buying an additional 1,574,464 shares in the last quarter. Invesco Ltd. increased its position in shares of Chevron by 5.5% in the 1st quarter. Invesco Ltd. now owns 15,855,325 shares of the oil and gas company's stock valued at $2,652,437,000 after buying an additional 827,851 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Chevron by 0.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 12,281,983 shares of the oil and gas company's stock valued at $2,054,513,000 after buying an additional 40,758 shares in the last quarter. Finally, GQG Partners LLC bought a new stake in shares of Chevron in the 1st quarter valued at $1,466,751,000. 72.42% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Director John B. Hess sold 375,000 shares of the business's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $158.30, for a total value of $59,362,500.00. Following the completion of the sale, the director directly owned 1,403,045 shares in the company, valued at $222,102,023.50. The trade was a 21.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Alana K. Knowles sold 3,978 shares of the stock in a transaction on Friday, August 29th. The stock was sold at an average price of $160.00, for a total value of $636,480.00. Following the transaction, the vice president owned 1,181 shares in the company, valued at $188,960. The trade was a 77.11% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.20% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Raymond James Financial reiterated an "outperform" rating on shares of Chevron in a report on Friday, August 1st. Melius Research assumed coverage on Chevron in a report on Wednesday, August 20th. They set a "hold" rating and a $155.00 target price for the company. Piper Sandler increased their target price on Chevron from $164.00 to $168.00 and gave the stock an "overweight" rating in a report on Monday, August 18th. Evercore ISI restated an "outperform" rating and set a $180.00 price objective on shares of Chevron in a research note on Thursday, July 31st. Finally, Mizuho reduced their price objective on shares of Chevron from $192.00 to $191.00 and set an "outperform" rating for the company in a research note on Monday, September 15th. Eleven analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $165.40.

Chevron Trading Up 2.0%

Shares of NYSE:CVX opened at $151.86 on Tuesday. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $168.96. The company has a market capitalization of $262.42 billion, a P/E ratio of 19.54, a price-to-earnings-growth ratio of 1.93 and a beta of 0.84. The company has a 50-day simple moving average of $156.12 and a 200 day simple moving average of $148.31. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00.

Chevron (NYSE:CVX - Get Free Report) last issued its earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.19. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The business had revenue of $44.82 billion during the quarter, compared to the consensus estimate of $44.59 billion. During the same period last year, the business posted $2.55 EPS. Chevron's revenue was down 12.4% on a year-over-year basis. Sell-side analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were paid a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 4.5%. The ex-dividend date was Tuesday, August 19th. Chevron's dividend payout ratio (DPR) is 88.03%.

Chevron Company Profile

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.

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